Faber: U.S. must cut spending by 50% or economy will collapse

The United States and other Western nations are piling up debt at a deadly pace and barring an immediate halt they face violent turbulence in five to ten years, Faber says.

“Eventually, you have either huge changes occurring in a peaceful
fashion through reforms, or, usually, through revolutions,” said Faber.

“I think the timeframe would be within five to ten years you have a
colossal mess … everywhere in the Western world,” said Faber. “I think
the deficit here (in the U.S.) — irrespective of who is in the White
House — will stay above a trillion dollars per annum for at least as far
as the eye can see.”

“My medicine for the U.S. is: Reduce government by minimum 50 percent,” said Faber. “The impact would be immediately an improvement in the
economy.”